Reliance Industries Limited (RIL) and Reliance Petroleum Limited (RPL) boards had a meeting today on mega merger proposal. The merger will make the RIL one of the largest refiners in the world.

The boards have decided the swap ratio (conversion ratio) at 16:1 which implies that RPL shareholders will get one RIL share for every 16 shares held in RPL. RIL has decided to extinguish its treasury stock.